As per regional media sources, the Securities and Futures Commission (SFC) of Hong Kong has given approval to ZA Bank to offer Type 1 regulated activity in the region. The approval will permit the bank to enter the cryptocurrency trading market.
Several firms have filed for registration under the Hong Kong Regulatory Commission to develop a regulated crypto ecosystem in the past few weeks. The SFC has tightened its oversight over the market to prevent frauds and scams and dismantle unregistered firms.
Za Bank is the subsidiary of ZhongAn Technologies International (ZA), an InsurTech company that allows everyone to have a truly digital insurance experience.
While talking to a media outlet the spokesperson noted that “the first digital bank in Hong Kong to record a single-month profit, highlight its leading position in the market and the sustainability of the digital banking operating model.”
The same media outlet reported that JPEX, a known crypto trading platform, was accused of fraud earlier this year; a significant number of investors lost millions in crypto.
Two victims of the losses filed a lawsuit claiming to recover 240,000 Tether or 185,000 from JPEX’s companies registered in Hong Kong and Australia. In the recent hearing, the company was absent from the courtroom.
Other Market News Updates
The most visited and talked cryptocurrency, HAMSTER KOMBAT (HMSTR), lost over 41.27% of its price, reaching $0.005738; however, its trading volume grew 44% in the past 24 hours, reaching $237,607,926 making it 34th most traded in the market.
Over the years, the global usage of cryptocurrency has increased significantly. A recent report quotes that over 20% of Russia’s residents are engaged in crypto. The report notes, “ Thus, 16% of respondents had never heard of cryptocurrency, and 21% of survey participants said that they had used cryptocurrency.”
In August 2024, Vladimir Putin, the president of Russia, signed a law legalizing cryptocurrency mining in Russia. However, mining a cryptocurrency requires enormous energy, heavy processes, GPUs, and other difficulties, which, the majority of the time, become the reason for the electricity crisis in any nation.
After his release from jail, Binance’s co-founder and former CEO wrote, “ Will continue to invest in blockchain/decentralized technologies, AI, and biotech. I am a long-term investor who cares about impact, not returns.”
He also expressed gratitude towards his supporters, writing “ I want to thank everyone for your support. It meant a lot to me and kept me strong in the darkest moments.”
Crypto Market Price Updates
In the past 24 hours, the crypto market capitalization declined over 2.25%, reaching $2.25 trillion; at the same time, trading volume was $71.51B, growing 56.07%. The fear and greed index powered by CoinMarketCap was at 56, determining neutrality in the market sentiments.
Doge Killer (LEASH) became the market’s most bleeding memecoin, losing more than 21.22% of its trading price, reaching $282.52, followed by Shiba Inu, Doge, and Pepe.
The intraday gainers’ list is ruled by Bittensor (TAO) trading at $600.1, adding 14%, growing 13% weekly. Until publishing, Bitcoin was trading at $63,602, with an intraday decline of 2.65%.
